Tesla is reportedly considering outgoing Twenty-First Century Fox CEO James Murdoch to replace Elon Musk as the electric-car maker’s chairman.

The change at the helm of Tesla’s board could come next month following a settlement with the Securities and Exchange Commission over Musk’s false tweet in August that he had secured funds to take the company private, according to the Financial Times, which cited two unnamed sources.

In addition to Musk stepping down as chairman, the SEC settlement requires both Musk and Tesla to pay a $20 million fine, and for the company to add two independent directors.